Report helps advisers grow their businesses
New research from Asteron Life shows the benefit of advisers working with mortgage brokers and taking a collaborative approach with clients.
Friday, August 19th 2022, 6:00AM
The research canvassed 600 people who had life insurance and was split 50:50 between SMEs and individuals.
The biggest trigger for taking out life insurance was taking out a mortgage, Asteron manager national groups and employee insurance, Trevor Longbottom told delegates at the Wealthpoint conference.
The research said 35% of people took out insurance when they signed up for a mortgage. A further 12% said the trigger to buying insurance was a large bank loan or other serious financial commitment.
“Debt is a key trigger,” Longbottom said. He told advisers to “partner with those suppliers in the mortgage market.”
Another key finding is that advisers who worked collaboratively with clients are likely to have the highest client satisfaction numbers.
More than three quarters (79%) of respondents said they were satisfied when “my adviser presents me with some choices and we make the decisions together.”
Obviously the lowest satisfaction numbers came from the group of clients who had not heard from their adviser in the past few years.
A further takeout from the research is that advisers should contact clients when there are premium increases.
Increased pricing was a trigger that may lead to clients cancelling over. An adviser had a better chance of keeping clients if they explained price rises when they came long.
There was also a warning in the research that advisers need to take data security and privacy seriously.
When asked why people did not want to discuss financial risk, 29% answered they don’t trust others with this sensitive information.
“It is important to reinforce that you are serious about their privacy and confidentiality,” executive manager life distribution, Graham Hill said.
One of the pleasing things, Longbottom said, was that advisers were the most trusted source of advice (40%) when it came to life insurance. In previous surveys family and friends rated highly. Another 13% said accountants were their most trusted source and bank advisers came in at a lowly 8%.
The reasons for trusting an adviser was their knowledge.
Hill said this was an important reminder that advisers need to keep up to date with policies and terms.
“Don’t underestimate the value of your professional development as that is what clients are looking for,” he said.
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